BRITONS who enjoy seeing commentators eat their words will be happy. Contrary to all predictions, official statistics released on June 25th showed that child poverty stayed constant in 2013-14. Cuts to benefits for the working-age poor, combined with stagnant wages in the labour market, were widely forecast to push poverty up. Instead, it seems that falls in unemployment and tax cuts were enough to keep it in check. Iain Duncan-Smith, the work and pensions secretary, claimed the figures vindicated the government’s policy of reducing the benefits bill.
Median weekly income after tax, adjusted to be comparable with a household containing two adults and no children, was £453 ($712) in 2013/14, or about £23,500 per year. To be classed as living in relative poverty, a household must have an income below 60% of the median. That works out at £272 per week. Like last year, 15% of adults and 17% of children live in households in relative...Continue reading
via Brian Rushton, Holding steady
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